Industries are changing beyond belief at the moment with the introduction of Blockchain and improved technology.
Marketing and the ways customers are now engaged with have also taken a major leap forward. Two of the larger airlines have already upgraded their loyalty programs to run with Blockchain technology. Singapore Airlines and Delta Air Lines are amongst the first although it won’t be long before others follow realising how much more effective customer loyalty can be. Air Miles are now being replaced with Cryptocurrencies which is a real sign of the future. Blockchain offers much more cost effective options and allows customer loyalty to be a lot more accessible to one and all. So is Blockchain all it really says it is in terms of customers loyalty? Here are a few positives to look out for:
The Cost Cutting
Traditional loyalty programs can be really expensive there is no doubt about it but they are vital to many companies. They can also be very demanding to maintain and ensure that the right amount of effort is put into to offer customers what they need and expect. However, with the input of Blockchain and its technology driving it forward, costs and the amount of time needed are reducing. A third party is not required which automatically and instantaneously reduces the costs involved. The introduction of Blockchain smart contracts also supports the loyalty programs. Processes become automated, less errors occur and staff can focus more on the customer as opposed to the management of the loyalty program. In addition to this, Blockchain technology and smart contracts remove the need to paper based systems which has a positive impact on the environment.
Improved Points Redemption
Blockchain has bulldozed its way into the customer loyalty environment and has now turned things on their head. It is possible and practical to bring in customer loyalty at the very start of a customers journey with a brand. Something which is pretty new. Loyalty points are now something a lot more strategic at the start of the customer process rather than more of an after thought. In addition, with Cryptocurrencies there is a lot more potential for customers to secure bigger and better rewards. Something which has not been possible in the past. This revised end result engages the customer a lot more and encourages them to check their accounts more regularly and therefore interacting with the brand more frequently.
Impressive Improved Security
Blockchain has many positives including the all important security of transactions and personal data. With Blockchain, users have their own private keys which no one can penetrate. Everything is safe and secure because the system is decentralized and there are no third parties involved. There is also the added bonus that every single transaction is traceable which eliminates the possibility of fraud. Private data is no longer a worry for the customer as their privacy is pretty much guaranteed.
Blockchain is very much just starting out coming into its own and changing the world as we know it. Governments and organisations are now beginning to see the effects and life changing influence that this new technology can have. Things are only going to change more as the benefits of Blockchain come to light. What an exciting future awaits.